China trade data adds fuel to fire

"Looking ahead, export growth will cool in the coming months as U.S. tariffs start to bite alongside a broader softening in global demand", Julian Evans-Pritchard, the senior China economist at Capital Economics in Singapore, said.

China's Commerce Ministry said that Beijing had no choice but to fight back after the U.S. "launched the largest trade war in economic history", accusing Washington of violating the rules of the World Trade Organization (WTO). That leaves about $80 billion for penalty tariffs after Beijing's previous increases either imposed or threatened on a total of $50 billion of US goods are counted.

The June figures may have received a boost from U.S. and Chinese traders who rushed to fill orders for soybeans, ball bearings and other goods in both directions before threatened tariff hikes took effect.

Trump's latest tariffs threat hammered global markets, while there are worries that his decision to pick fights with other key allies including Canada and the European Union could fuel an all-out global trade war.

Imports grew 14.1% in June from a year ago, well below the 26% increase in May and economists' forecast of a 23.5% gain.

China's exports to the United States rose 13.6 percent in the first half of 2018 from a year earlier, while its imports from the US rose 11.8 percent in the same period.

"Still, we do not expect a plunge because those tariffs only targeted $34bn worth of goods which is fairly small compared to China's total trade", she said. Its trade surplus with the USA over the same period was $133.76bn, up from $117.51bn past year.

China imported American goods worth $13.6 billion in June while exporting $42.6 billion to the United States.

South Korea, Asia's fourth-largest economy, warned on Thursday that components and materials used in home appliances, computers and communications devices could be caught in the crossfire of the trade war.

Analysts also pointed out that Chinese export growth slowed to 11.3% year on year in June, from 12.2% in May, illustrating that exporters, faced with the threat of further trade barriers, were becoming more circumspect in sending goods overseas.

However, analysts said the June figures were a sign that exporters rushed to beat the initial tranche of tariffs, which came into effect in the first week of July.

The data could renew longstanding criticism from the United States and Europe that the world's top metal producer is selling its surplus product overseas, hurting foreign rivals.

Analysts expect to see the impact of the tariffs in the coming months, warning of a less favorable trade balance for China.

Trump Apologizes to May and Vows U.K. Trade Deal After Brexit
Trump was greeted at the palace by May, whose government has been rocked by resignations from ongoing tumult over Brexit. But some Britons see the US leader as crude, volatile, unreliable and opposed to their values on a range of issues. 7/14/2018

Aussie doctor's accent 'relaxed' trapped Thai boys
Expert divers from the Thai Navy SEALs, experienced in conventional diving situations, were faced with an unprecedented challenge. Without the (Thai navy) SEALs, the officials, and everyone who came and helped, Dom wouldn't be here today. 7/14/2018

Wimbledon: Serena, Kerber clash in final
By the time she flubbed a backhand while falling behind 5-1 in the second, she dropped her racket and screamed. No disrespect to the likes of Goerges and Mladenovic who are good players, but they are not Williams' equal. 7/14/2018

10 killed in second attack on Election Rally
The bombing was the biggest attack in Pakistan in over a year and is the third incident of election-related violence this week. Pakistan People's Party (PPP) Chairman Bilawal Bhutto-Zardari demanded that the security of contesting candidates be ensured. 7/14/2018

Serena survives scare to make 11th Wimbledon semi-final
Elena Ostapenko their way into the semi-final took the match with the former fourth racket of the world Dominika Cibulkova . Here's the reason Williams has emerged as a favorite: She has seven Wimbledon titles, while the rest of the field has zero. 7/14/2018

Anderson beats Isner in longest semi-final in history
Isner took control of the encounter from that point on to reach his first ever Grand Slam semi-final after 41 attempts. But Anderson has little time to rest his aching body before facing Novak Djokovic or Rafael Nadal in Sunday's final. 7/14/2018

There is Only One Blockbuster Video Store Left in America
Back in April, Last Week Tonight with John Oliver featured the remaining Alaskan Blockbusters (at that time there were three). That leaves just one Blockbuster Video , in Bend, Oregon, as the last functioning store in the entire country. 7/13/2018